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Justicewanted

Can the Credit card Accountability Responsibility Act of 2009 be used in

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The Credit card Accountability Responsibility Act of 2009- Heres my situation,

I am being sued by *** credit card company. I had an account with said company which started 8 years ago. I made my monthly payments faithfully until 2010 when I became unable to afford the minimum amounts and they refused to help lower the payments to something affordable. I was never late more than 30 days until 2010. Years earlier my interest had been raised to the default rate of about 30% after being 10 days past the due date. With the new 2009 credit card act it states that one has to be 30 days past the due date for them to raise the interest to the default rate and if raised can only stay raised for I believe was six months.If this law can be used on this debt I will not owe the amount they are suing for as I have paid roughly $1200.00 a year in interest charges. The amount being sued for is about $4,000. They may actually owe me money. This law also favors my situation in other ways, Does anyone know if I can fight with this? All Items purchased have already been paid off with the amounts I have paid over the years I am now just paying for their greed with huge interest charges which by the 2009 debt act congress stated were all unfair practices. Any help would be greatly appreciated, Thanks

Edited by Justicewanted
no responses changing the title

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I have been looking for this exact information myself. I have not found any real answers and have not found anyone else asking the question but you. I am so excited to see someone else thinking along the same lines.

I have recalculated all 10 years based on the daily rate the original creditor agreed to and under the new 2009 act the card company would essentially owe me money. I paid off the principle plus more of all my cards but lost my job in 2008 (the company I worked for went bankrupt) and stopped paying a year later after I exhausted my savings.

I am in the middle of a lawsuit myself and trying to figure out why no one including the court system seems to care about the usurious and abusive bank practices.

I have no experience with the court system. I would love to figure out a way to answer this lawsuit with a detailed copy of what I really should owe under the new 2009 act.

I will keep checking this thread to see if anyone has any suggestions.

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It certainly seems like it may be a possibility since they are suing us. I have already called quite a few lawyers to get their take on this they all seem just as unsure as I am. I think this may be a first for the court systems. Goodluck, please let me know if you find anything.

Edited by Justicewanted

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The Credit card Accountability Responsibility Act of 2009- Heres my situation,

I am being sued by *** credit card company. I had an account with said company which started in 2002 I made my monthly payments faithfully until April 2010 when I became unable to afford the minimum amounts and they refused to help lower the payments to something affordable to someone recently disabled. I was never late more than 30 days until April 2010. years earlier my interest had been raised to the default rate of 29.9% after being 10 days past the due date. With the new 2009 credit card act it states that one has to be 30 days past the due date for them to raise the interest to the default rate. If this law can be used on this debt I will not owe the amount they are suing for as I have paid roughly $1200.00 a year in interest charges. The amount being sued for is about $5000.00 they may actually owe me money. This law also favors my situation in other ways, Does anyone know if I can fight with this? All Items purchased have already been paid off with the amounts I have paid over the years I am now just paying for their greed with huge interest charges which by the 2009 debt act congress stated were all unfair practices. Any help would be greatly appreciated, thanks

I'd certainly use it and I 'd use the fact they are required to reveal who actually owns the debt also, no more of this bait and switch.

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I am not sure if I should start a new thread or continue this one. I am in Michigan and in the middle of a lawsuit.

I have been mad at the banks since 2005. Quick history .. I got caught up in the millions of 0% offers 2000-2005 until I finally put a stop to it in 2005. (I have a box dating back to 2000 with about 300 credit card offers I saved) After 2005 I did not use my cards again but none of the cards would lower the interest rates even though I had perfect payment histories(a couple 1-day late payments on one card). I just kept paying the monthly amount praying for some governmental relief from the abusive practices. I was abused with the universal default increase because I simply used other cards.

Lost my job at the end of 2008 and exhausted savings to pay cards for an additional year afterwards. I attempted to lower the monthly due before they got charged off but none of the banks would budge. I recorded all my calls explaining to the reps my situation and if they would accept a low monthly payment until I recovered (available today in mp3 format) and they all said no.

I waited and waited for our wonderful representatives to put a stop to the bank abusive practices and give us some recourse. They did somewhat with the credit card act of 2009 but as far as I understand and have extensively researched there is no specific recourse available in the act? Nobody seems to know and the attorney's I spoke with don't care. I showed the attorneys what my outstanding amount would be under the new credit card act but they act like they don't understand. In a spreadsheet I recalculated the amount I would owe today based on the original agreed upon fixed rate (daily) and it is much much less if not pennies I would owe today. I am in a position today where I have paid all my cards principle's amount and then some.

All the attorney's I speak with tell me to file bankruptcy which just really makes me mad. I would be claiming bankruptcy on the abusive practices today which are illegal under the credit card act of 2009.

One card doubled my rate in 2004 because I was 1 day late and charged me the much higher interest on the amount for years afterwards of which I think triggered the 2 other cards to raise the rates just because of the 1-day late. I tried to talk the banks down but they would not budge after 2005ish.

I am wondering if it is possible to fight these companies over the abusive practices defined in the act done to my account prior to 2009?

Is anyone here familiar with Rubio vs Capital One Bank?

RUBIO v. CAPITAL ONE BANK

613 F.3d 1195 (2010)

Raquel RUBIO, on behalf of herself and all others similarly situated, Plaintiff-Appellant,

v.

CAPITAL ONE BANK, Defendant-Appellee.

No. 08-56544.

How could someone use this in a response to a lawsuit with the OC? All I am looking for is to settle this account with a perfect credit rating left for me on the original fixed amount agreed on.

Essentially what this country is promoting is if you bought a home and took out a home equity loan to pay off your credit cards and then lose your job through no fault of your own then this lucky person qualifies for a bail out from HAMP or all the other principle reductions schemes.

Yet those of us who have paid the principle and more on credit cards but suffered the bank abuses now considered illegal are hounded with no recourse from the lowest life forms of collectors and made to feel we have no rights. In reality we should be considered good credit risk as opposed to a homeowners or at least treated the same.

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Is anyone here familiar with Rubio vs Capital One Bank?

RUBIO v. CAPITAL ONE BANK

613 F.3d 1195 (2010)

Raquel RUBIO, on behalf of herself and all others similarly situated, Plaintiff-Appellant,

v.

CAPITAL ONE BANK, Defendant-Appellee.

No. 08-56544.

Very interesting case. Hope you can use some of the ideas to help your situation.

Unfortunately, on the topic of this thread, I do not think the Credit Card Accountability Responsibility Act of 2009 is to be applied retroactively. It would be impossiple to right the wrong simply by changing the rules of the game and allowing all those who sufered an injustice to seek redress after a congressional change. This clearly wasn't the legislative intent of the act, nor is it reasonable to require or expect the issuer's of past credit card accounts to adjust past accounts per the new standard.

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It is perfectly reasonable to expect and demand that an injustice be corrected!! Always!! These companies greed and unjust enrichments have led countless Americans to file bankruptcy, and drain our welfare system putting all those costs on an already financially struggling population in the form of our taxes because 10% is not a big enough profit to these bottom feeders! Afterall one yacht is not enough for these people, that would just be such a hardship to not be able to afford the 3rd estate, second 10 million dollar yacht it is perfectly acceptable to take the money of the average hardworking Americans that at this point in time struggle putting food on the table so that these luxuries can be afforded, and without those hardworking Americans they would all be broke!

My answer is to fight, this may be a first for the court system and it might not work but the more people that stop accepting these injustices as just the way things are things will eventually change it may not be in our life time but maybe our childrens' children will live to see better times. When good people do nothing what chance do we have.

Goodluck triplec, I know exactly how you feel. So far I have found nothing that says this law can't be used in this manner. Try not to listen to others biased opinions such as the one above a lot of people posting in these forums could be financially hurt if this law is allowed, creditors,lawyers, etc., and most others have just been misled by the big business that has been running this country the past 100 years or so until just recently.

There is a principle which is a bar against all information,

which is proof against all argument,

and which cannot fail to keep man in everlasting ignorance.

That principle is condemnation without investigation.

William Paley (1743-1805), often attributed to Herbert Spencer (1820-1903)

There is enough in the world for everyone's need, but not enough for everyone's greed.

Mahatma Gandhi

Edited by Justicewanted

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Here is an article just before the passage of the 2009 Act

Bingaman backs Credit Card Reform

(2009-05-11)

ALBUQUERQUE, NM (krwg) - New Mexico U.S Senator Jeff Bingaman says he hopes congress will pass a bill to protect consumers from credit card companies.

The measure, known as the "Credit Card Accountability, Responsibility, and Disclosure Act of 2009", would, among other things, force companies to notify consumers prior to raising their interest rates.

The bill would also set limits on fees and interest charges, and prohibit penalties on credit card holders who pay their bills on time.

Bingaman acknowledged that the restrictions wouldn't impact existing credit card contracts, many of which have increased interest rates to 30 percent or higher. When asked if new regulations would hurt credit card companies, as the nation's economy continues to struggle, he said he doubted it.

"The truth is that a lot of these companies are going to continue to push credit cards on American consumers, and they will be happy to do so even if they have to charge a lower interest rate to do so it's still a very substantial profit for those companies. So I don't I don't think there'll be any shortage of companies willing to provide new credit cards even even if we pass this new law."

Congress is set to consider the credit card act later this week or the next.

President Barack Obama is scheduled to be in Rio rancho on Thursday morning for a town hall meeting on credit card reform.

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Here is another brief reference to the question of if the act applies.

The act was not expected to affect existing credit card contracts. However, the act that was passed does apply to contracts made in the past, setting an effective date of February 22, 2010, which gave banks time to prepare and notify their customers. Many banks also raised their interest rates in response and raised fees before the new laws went into effect.

Confusious says: "Two blind men cannot see each other, but together they can invision the universe."

Edited by debtfighter

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Yes the effective date for this law was February 22nd 2010. It still does not mean that in a situation where a company has sued someone that a judge may look at the situation differently because Congress as well as the President of the Unites States of America has called these billing practices to be unfair and unjust. As far as the above comments go I have read these things on Wikipedia also but generally in a a matter of law only accept information from the act itself, and to this day I have found no definitive answer either way, I find this encouraging. The Credit Card Act of 2009 does not state one way or another. This does not mean that the information doesn't exist somewhere but it has not been found by me yet, most of what I have seen has been hearsay. Obviously this is a long shot but with fairness as well as the words of congress and the president of the United States of America on our side this is very encouraging. If nothing else a judge may be willing to look at a more fair arrangement/negotiation or even better may dismiss all together. I understand this may very well be too much to expect from our legal system but there is certainly no harm in trying. I tried to post the link to the Pdf document of the Act itself but was unable to post it, Just do a general search and you will be able to find it. Good luck to anyone in the same situation. If anyone finds an answer to this question in the form of a law please let me know.Thanks to all who have helped.

It is impossible to make people understand their ignorance; for it requires knowledge to perceive it and therefore he that can perceive it hath it not.

Jeremy Taylor

Believe those who are seeking the truth. Doubt those who find it.

Andre Gid

Edited by Justicewanted

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Triplec,

I am the attorney that represents the plaintiff Rubio in the Rubio v. Capital One Bank case. I saw your post on this forum thread and would be interested in speaking with you. Please let me know if you are interested, and we can figure out a way to get in touch. Thanks.

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Triplec,

I previously posted a message for you on this thread, but I haven't heard back, so I thought I would try again. I am the attorney representing the plaintiff Rubio in her claims against Capital One in the Rubio v. Capital One Bank case that you referenced in your message. I would be interested in speaking to you about this matter. Please let me know if you are interested, and we can figure out a way to get in touch. Thanks.

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